David Grzan talks with neighbors during the June District 10 Como Community Council meeting.

Developers are still trying to line up financing to convert the old Sholom Home into an assisted living and memory care facility, David Grzan told the Como Community Council June 21. Grzan is president and CEO of Charter Midway LLC, the latest ownership group wrestling with the property, which has been vacant since 2009.

Grzan also said Charter Midway hired a new security company on June 16 in hopes of getting a better handle on what frustrated neighbors describe as an increasing level of criminal activity in and near the facility at 1554 Midway Parkway. Grzan pledged to meet in July with security officials and neighbors, after the new company has time to assess security issues, determine patterns of behavior, and work with St. Paul Police to develop a strategy.

Grzan says he and his dozen or so partners continue to believe they can renovate the building for about $130,000 per unit -- about half the cost of new construction. He says that will allow the facility to care both for private pay residents and for those who qualify for publicly supported elderly waivers. However, banks and traditional equity markets are hesitant about converting old buildings, he says. In response, Charter Midway is now negotiating directly with large construction companies to secure as much as $20 million to gut and remodel the building, Grzan says.